Things one middle-aged economist finds interesting

I haven't tried to check these numbers--and it would have been really nice if Mr. Steyn had provided his source--but if they're close to being right . . . wow:

For purposes of comparison, by 2050 public pensions expenditures are expected to be 6.5 percent of GDP in the United States, 16.9 percent in Germany, 17.3 percent in Spain and 24.8 percent in Greece. In Europe, we're talking not about the prospect of having to reduce benefits but of total societal collapse. With a death-spiral fertility rate of 1.46 children per couple, the EU will have to increase mainly Muslim immigration to a rate that will transform those societies out of all recognition. American reformers like to say that Social Security is a Ponzi scheme. The EU has a vastly greater problem: The entire modern European welfare state is a Ponzi scheme. And the political establishments in Paris, Berlin, Brussels et al. show no sign of producing their own plain-spoken EuroBush to confront it.

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I haven't tried to check these numbers--and it would have been really nice if Mr. Steyn had provided his source--but if they're close to being right . . . wow:

For purposes of comparison, by 2050 public pensions expenditures are expected to be 6.5 percent of GDP in the United States, 16.9 percent in Germany, 17.3 percent in Spain and 24.8 percent in Greece. In Europe, we're talking not about the prospect of having to reduce benefits but of total societal collapse. With a death-spiral fertility rate of 1.46 children per couple, the EU will have to increase mainly Muslim immigration to a rate that will transform those societies out of all recognition. American reformers like to say that Social Security is a Ponzi scheme. The EU has a vastly greater problem: The entire modern European welfare state is a Ponzi scheme. And the political establishments in Paris, Berlin, Brussels et al. show no sign of producing their own plain-spoken EuroBush to confront it.